Connected Truck Market Outlook 2022 – 2030: The digital transformation and connectivity solution are radically transforming the automotive industry. The connected truck is one such transformation which has revolutionized the global transportation completely. Moreover, connected truck is integration of the advanced digital-age technologies like advanced driver assist system and fleet management system. The connected truck can communicate with other systems outside the truck and share data through internet access. Besides, connected truck can maximize productivity with the help of artificial intelligence.The truck provides real-time data of current fuel level, battery status, light status, and other information. With the help of IoT, real time traffic control, interaction with the truck manufacturer service for remote diagnostics and improved company logistics automation is now possible.
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Market scope and structure analysis:
|Market size available for years||2019–2027|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Range type, service type, vehicle type, component type, communication type|
|Regions covered||North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa|
|Companies covered||Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Daimler AG, Volvo, Delphi Technologies, Denso Corporation, HARMAN International, Sierra Wireless, Inc., and Magna International Inc.|
COVID-19 scenario analysis:
- The coronavirus containment measures coupled with other hurdles are weakening the automotive sector.
- Besides, crew shortages for unloading the truck have decreased the logistics business.
- Additionally, production stoppage due to lockdown imposed is creating an obstacle for revenue generation.
- However, logistics being the central unit of any business, is expected to regrow with time.
- As work from home is widely adopted due to the pandemic, consumers planning to buy commercial vehicle will procure connected truck over conventional truck as work trucks can be tracked for entry or exit from the location and monitored from home with the help of IoT.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
The safety features equipped in connected truck like blind spot detection, lane keep assist system, lane departure warning, emergency brake assist and others is proliferating the market growth. Additionally, government norms for safety measures are increasing the demand for connected trucks. However, as truck become more connected to the internet, they can become greater targets for hackers and provide opportunity for people to be digitally spied on or for criminals to gain other personal information through driving habits, which in turn, is hampering the market growth. Moreover, the features like self-diagnosis saves time for repairing as well as reduces lead time for delivery, further driving the connected truck market growth.
The connected truckmarket trends are as follows:
Use of telematics is bolstering the market
Telematics play a major role in supply chain and fleet management. Telematics is a method of monitoring the connected truck by using GPS and provides real-time visibility and data to optimize the entire supply chain. Besides, telematics provides live traffic updates, smart routing and tracking, roadside assistance in case of accidents or breakdown and automatic toll transactions. Companies are investing huge amount in advancement of telematics. For instance, in 2018, Softbank invested in Cambridge Mobile Telematics (CMT) company to provide safety solution.
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Partnership to drive the connected truck market
Making connected transport a reality requires a diverse ecosystem of players. As automotive IoT continues to gain momentum, many industries and technologies would be dependent on each other in complex, symbiotic partnership to provide enhanced productivity. Besides, the optimum quality of work is achieved. In 2020, Daimler trucks has partnered with Platform science, the developer of a leading platform for on-vehicle mobile applications offering advanced fleet management software solutions.
Key segments covered:
|Range type||Dedicated Short RangeLong Range/Cellular Network|
|Services type||Fleet ManagementMaintenance|
|Vehicle type||Light Commercial VehiclesHeavy Commercial Vehicles|
|Communication type||Vehicle-To-Vehicle (V2V)Vehicle-To-Infrastructure (V2I)Vehicle-To-Cloud (V2C)|
Key benefits of the report:
- This study presents the analytical depiction of the connected truck industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the connected truckmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the connected truck market research report:
- What are the leading market players active in the connected truck market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?